Juncker Says There Is A "Plan B" If Greek Debt Swap Fails

With 9 days left until the end of the Greek exchange offer, many are curious for hints on how the uptake may be proceeding and whether funds have amassed enough of a blocking stake in the Greek bonds (they certainly have it in the UK-law bonds whose exchange offer will take place conveniently in Apil after the Troika's €130 is funded, if at all). Which is why the following statement by Juncker will likely be very closely scrutinized:

JUNCKER SAYS THERE'S `PLAN B' IF GREEK DEBT SWAP FAILS

but

JUNCKER DECLINES TO PROVIDE DETAILS ON BACK-UP PLAN

For those curious what Plan B may be, here's a hint: it's in the box on the lower right.

Joking aside, it is poor rhetorical form to even mention an alternative to what at least in propaganda circles is assumed to be a foregone conclusion. If Juncker feels compelled to bring it up this early in the PSI process, it is merely to provide himself with additional leverage against holdouts who feel like not complying with Venizelos' pleadings of going along with the "very generous exchange offer" and instead hold out for par recoveries in litigation, an outcome which if it derails the PSI would mean the end of the Greek European dream.

As a reminder, today the Eurogroup once again did not come to a conclusion on Greece, instead couching it in more provisions and conditions, the biggest of which is the successful conclusion of the PSI.

So: how long until the leaks of PSI participation start, and if past is prologue, will they be initial bad, i.e., hinting at unsatisfactory acceptance, only to be replaced with good news at the very end in another attempt to ramp the stock market to the Birinyi promised land?

Thought it already had. It was designed to fail. Without a crisis the the ECB's UK shadow primary branches would not be able to rehypothocate. They would not be able to nurture and grow little baby counterfeit token siblings. And we can't have that, now can we.

Has the gold the ECB and Goldman extorted from Greece been physically transferred to an ECB vault?

What a fucking set up.

1) Greece applies to join the EU

2) Goldman (nut) Sack through fuzzy transactions or "legit" balance sheet trickery finds a way to hide problematic debt with off the book approval of EZ suits.

5) Goldman is also the "dealer" for the bonds they placed, but the margin stands to Goldmans weren't enough. Goldman wanted more. Goldman's facilitators wanted more.

6) Since Goldman created the dirty little secret they engineered to shoe horned Greece into a financial coffin, Goldman (nut) Sack devises, or executes an existing follow up strategy.

7) After defrauding bond buyers falsely rate Greek debt, thanks to Goldman's legendary circus of malfeasance and chicanery, Goldman writes CDS insuring the "born to default" Greek paper and sells them to the same fools they 3 card monte-ed into buying Greek bonds.

8) Greece, as expected, defaults.

9) As the crisis weakens, Goldman Sayans, or blackmail victims, define and redifine, as the crisis season, what a Default is. Is it 10% or 20% or 30% or 50% of the principal due.

10) Regardless of what percentage of outstanding principal owed to bond holders is used to designate a default, Goldman cannot cover the counterfeit CDS chips it sold.

11) The solution is to first get rid of that fat fuck in the IMF who does not want to auction off Greece. Miraculously, an unappealing hotel maid that most wouldn't fuck with a borrowed dick lodges a complaint.

THIS WHOLE FUCKING GLOBAL CRISIS IS BECAUSE DEBT GOLDMAN PLACED, AND THE SUBSEQUENT WET POLICIES GOLDMAN SOLD, IN THE FORM OF CDS, TO THOSE THAT BOUGHT GOLDMAN'S FRAUDULENT BONDS DESTINED NEVER EVER TO PAY OFF - EVER - AND GOLDMAN AND GOLDMAN FACILITATORS KNEW IT FROM THE FUCKING GET GO!

The only question is why Goldman (nut) Sacks still in business.

Goldman did not go public until Glass Steagal was repealed and look at what they've done for the world since.

How did something as infallible as evolution, so we're been told, allow the genetics underlying Goldman's toxic DNA to arrive at OUR moment in history?

This.The "backup plan" has, in truth, actually been the "go-to plan" all along. Just tell everyone you have a plan, there is no threat of "contagion," and our leaders have it all under control.The markets at least appear to belive them. *shrug*We shall see.

You folks accept 30 year paper paying you 3.5%, which is rather a lot below market rates, or else we won't pay you what we owe you March 20. This way you get 30% of what you're owed, but you have to wait 30 years to get that 30%.

Additionally, you're moved from first place in the repayment queue back to 3rd place behind the ECB and IMF, who by the way, are going to get 100% of what they're owed.

So what say you? What's that? Are you sure? Is that your final answer?

Then let's add a kicker to the deal. You either agree to this or each of your institutions will lose its business license anywhere in Europe. Your business will be barred from Europe. Now what say you?

You're kidding. Still no? Let me show you some material. Is that a photograph of your wife and kids? Yes, it is, isn't it. Standing out in the open like that. Very dangerous.

There is no "morning after pill" for Greece. The Greek economy is going down the toilet and it won't be long until the IMF or Troika or some mystical unicorn realizes that Greek GDP will not fall by only 1% this year, but more likely 10% and the country will be in a deep depression. At that point they will have to decide to let them go bankrupt or keep pouring money down the rat hole.

Could Greece issue enough notes to make up for any percentage shortfall, diluting the holdouts? I'm sure the ECB would gladly hit the full amount (on behalf if needed), immediately submit it to the swap operation and then declare success with "very high participation" among "investors"...

Plan B: They take Slewie's advice. The U.S. steps in, pays the outstanding bar tab, and Greece becomes a "Non-Self-Governing Territory" of the United States. It would become a huge tourist destination, like the U.S. Virgin Islands. No customs. Friendly natives. Clothing optional!

It's a way better plan than the crap the Europeans have come up with over the past 2+ years. Slewie gets to be Govorner if he wants the job, it being his idea.